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Berry Corporation Reports First Quarter 2025 Financial and Operational Results, Reaffirms FY25 Guidance and Announces Quarterly Dividend
Berry (bry)Berry (bry)(US:BRY) Globenewswireยท2025-05-08 11:00

Core Insights - Berry Corporation reported strong financial and operational results for Q1 2025, with a slight decrease in production due to planned downtime but a focus on expanding its California drilling program [4][6] - The company reaffirmed its FY25 guidance, citing a favorable hedge position that protects cash flows and liquidity [6][11] - A quarterly cash dividend of $0.03 per share was announced, representing a 5% annual yield [10] Financial and Operational Summary - Production for Q1 2025 was 24.7 MBoe/d, with 93% being oil, down from 26.1 MBoe/d in the previous quarter [6][7] - The company reported a net loss of $97 million, or $1.25 per diluted share, which included a non-cash impairment of $113 million [6][7] - Adjusted Net Income was $9 million, or $0.12 per diluted share, with Adjusted EBITDA of $68 million and Free Cash Flow of $17 million [6][7] - Operating cash flow generated was $46 million, with capital expenditures totaling $28 million [6][7] Capital Structure and Debt Management - As of March 31, 2025, Berry had $439 million outstanding on its term loan and $120 million in liquidity [9] - The company paid down $11 million of total debt during the quarter [10] - The leverage ratio improved to 1.37x quarter-over-quarter [9] Production and Pricing - The average realized price for oil without hedge was $69.48 per barrel, while the average price with hedge was $69.56 per barrel [31] - Oil production from California was 20.4 MBbl/d, while Utah contributed 2.6 MBbl/d, totaling 23.0 MBbl/d for the quarter [37] Guidance and Future Outlook - Berry's full-year 2025 guidance remains unchanged, with average daily production expected between 24,800 and 26,000 boe/d [11] - The company plans to fund its 2025 capital development program primarily through cash flow from operations [9][11]